Bitcoin is a political project par excellence .. Will it fail one day?
Writer Ugo Rifkind thinks Bitcoin could be a hoax or just a bubble (Anatolia)
The value of the cryptocurrency may rise against the dollar, but that does not negate the fact that it has lost its anarchic liberal principles.
Writer Ugo Rifkind said that the value of Bitcoin years ago was equivalent to about 40 pounds sterling, but it has doubled greatly to reach 27 thousand pounds now (about 37 thousand dollars).
In 2010, an American pioneer of Bitcoin became famous for using 10,000 bitcoins to buy pizza, and the value of these currencies is now worth more than a third of a billion dollars.
At that time, experts expected that the cryptocurrency - which is not supported by anything at all - would collapse, but it was clear that they were wrong, the writer says.
Trick
The writer pointed out that Bitcoin might be a hoax, a hierarchical scheme, or just a bubble, but it is certainly a political project par excellence.
He said that it is not possible to know with certainty the goal of creating Bitcoin, because we simply do not know who invented it, but there are two main theories: The first aims to determine the time scale for the emergence of a Bitcoin coin to know when it was launched, while the second theory - which the writer thinks is reasonable More- that Bitcoin acts as an organized message.
Bitcoin was not just created during the financial meltdown, but because of it, in an effort to reduce governments' control of money amid distrust, the writer adds.
Rifkind explains that Bitcoin does not work like other traditional currencies, but rather is governed by cryptography and algorithms, and this means that no one can reduce its value, displace it, or impose taxes on it.
